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Updated over 9 years ago on . Most recent reply
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one shot oppurtunity and want to make the most of it, HELP
Hi everyone,
My name is Elisha Buckingham, I am 23 years old, married and the mother of 2 with one on the way. I wanted to learn as much as I could about real estate and becoming a landlord so that i could potentially spend more time with my family. My father in law saw my commitment to learning as much as I could, and offered to give me 50k to start with. I know thats not much, but its cash and more than what I was going to start with. My aunt has been in the real estate business for 30+ years and has offered to help me as well. Her main objective was to find me a property managment class to teach my about manging properties. I also reached out to one of my old professors from college who owned his own mortgage company and currently serves as a personal financial advisor. I wanted him to look at my current debts (student loans/ credit card debt) and give me an assessment on my current debt to income ratio and advise me on the best move for this money. A friend of my mother in laws currently owns 20+ properties and we had lunch and she suggested I get 3 quadplexes investing 10k on each as down payments and keep the remaining funds as cash on hand to fix any issues that may arise. She said to only invest in 4+ properties because of my interest of living in one apartment when I intially only thought I would be able to purchase 1 property. She said with a minium credit score of 625+ I would be able to finance more than one. She said 4+ is good because 1 tentant pays the mortgage, 1 tent pays the bills, Id live in 1 and the last apartment would be pure income to save and invest into more properties.
I simply want to gain as much knowledge about the next steps I should take with as much professional advice I can obtain. I am open to all suggestions and advice.... this is an oppurtunity Id like to make the most of
Thanks in advance for all your efforts